MITI: Malaysia 2024 trade value at RM2.88t all-time high - Relevant News

MITI: Malaysia 2024 trade value at RM2.88t all-time high

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KUALA LUMPUR, 20 JANUARY 2025 — Exports and imports rebounded to an all-time high in 2024 with trade amounting to RM2.88 trillion, a 9.2 per cent increase year-on-year (y-o-y), surpassing the RM2 trillion mark for four consecutive years, according to the Investment, Trade and Industry Ministry (MITI).

In a statement today on Malaysia’s 2024 trade performance, MITI said exports exceeded RM1 trillion for four consecutive years, rising 5.7 per cent to RM1.51 trillion, accounting for 87.2 per cent of the 2025 target set under the 12th Malaysia Plan’s (12MP) Mid-term Review,” it said.

Imports were up by 13.2 per cent y-o-y to RM1.371 trillion, crossing the RM1 trillion mark for the third successive year, resulting in a trade surplus of RM136.88 billion for the 27th consecutive year since 1998.

Exports to major trading partners, namely ASEAN, the United States (US), the European Union (EU), and Taiwan rose with exports to the US and Taiwan reaching an all-time high.

Taiwan officially became Malaysia’s fourth largest trading partner, reflecting the strengthening of bilateral trade partnerships and growing trade opportunities.

Exports to free trade agreement (FTA) markets expanded in 2024, reversing a 2023 contraction mainly from Canada, Turkiye, and Mexico.

“Canada was an export destination which recorded growth, driven by higher demand for electrical and electronic (E&E) products, while exports to Turkiye and Mexico soared to a new record high, fuelled by the increased shipments of iron and steel products, and chemicals and chemical products, respectively,” it said.

Export growth was also recorded from Bangladesh, Costa Rica, Egypt, Nigeria, Angola, Ethiopia, Algeria, Togo, Libya, and notably Kenya, Oman, and Namibia which rose to a new record level.

E&E exports along with machinery, equipment, and parts posted increases of more than RM10 billion, respectively in 2024.

Meanwhile, MITI said December 2024 trade saw its 12th consecutive month of y-o-y growth, with a 14.6 per cent double-digit rise to RM257.86 billion.

Exports expanded by a robust 16.9 per cent to RM138.52 billion, and imports rose 11.9 per cent to RM119.34 billion, recording a RM19.18 billion trade surplus, the 56th consecutive month of surplus since May 2020 and the highest value recorded since October 2023, MITI said.

December 2024 registered the highest monthly value for exports and imports versus November 2024, trade grew by 8.5 per cent.

Exports grew by 9.7 per cent, imports by 7.3 per cent, resulting in a 27.4 per cent rise in trade surplus.

Manufactured goods comprised 84.6 per cent of total December exports, consisting mainly of E&E products, metal manufactures and machinery, equipment, and parts, which saw an 18.5 per cent y-o-y growth to RM117.21 billion.

Despite the challenging global economic landscape, MITI and its trade promotion agency, Malaysia External Trade Development Corporation (MATRADE) are committed to strengthening international trade as a cornerstone to sustain long-term economic growth.

“This will be supported through strategic initiatives outlined in the 12MP, the National Trade Blueprint (NTBp) and the New Industrial Master Plan (NIMP 2030),” it said. — BERNAMA

Source: The Malaysian Reserve